Business members at Amplify Credit Union who have questions have the direct numbers and usually the cell phone numbers of their relationship managers.
Paul Trylko, president /CEO of the $565 million credit union in Austin, Texas, shared that distinction in a letter to the editor published on Wednesday in the Austin-American Statesmen.
“Most credit unions are local,” Trylko wrote. “For example, Amplify CU serves members in a five-county area surrounding Austin. Anytime our members have questions, they can talk to someone right here in Austin.”
Trylko is a proponent of S.2231, which would raise the MBL cap from 12.25% of assets to 27.5%.
“I think we can all agree there have been significant changes in the financial services industry and U.S. economy during the past 14 years that have made this cap ineffective,” Trylko said. “Two of the more obvious changes impacting Americans now are: a sluggish economy with high unemployment [and a] scarcity of loans for small businesses.”
S.2231 would allow more business owners nationwide to have access to the capital they need to expand their businesses and create jobs, Trylko said, adding safeguards and oversight will be put in place to ensure implementation of the MBL cap increase is handled properly.
CUNA has estimated that by upping the MBL cap, an estimated $13 billion of capital will become available to small businesses and 140,000 jobs will be created.